The Ghana Revenue Authority (GRA) has achieved its revenue target in the 2021 Budget.
Data cited JoyBusiness showed that it was able to collect a little over ¢57.32 billion as against a target of ¢57.02 billion.
This, the officials of the Authority, say represents a growth rate of 26.3 per cent over the 2020 revenue and is the highest annual growth in the last ten years.
Details of Revenue Performance
The Domestic Tax Revenue Division collected GH₵41.23 billion.
This performance is an improvement of 25.6 per cent over the 2020 revenue performance. While the Customs Division collected an amount of ¢16.08 billion, representing 26.8 per cent over the 2020 performance.
Reasons for the record growth in revenue mobilised for 2021
According to the Authority, achieving the target can be attributed to several initiatives under the GRA Transformation Agenda.
Key amongst these initiatives were “the digitalisation of Domestic Tax Revenue Division core processes”.
The Authority also believes that the Cashless Policy, which allows taxpayers to pay taxes online and at the banks and the taxpayer’s portal, which will enable taxpayers to file returns in the comfort of their homes, have brought transparency and efficiency into tax administration.
The Customs Division of the Authority noted that “the introduction of Integrated Customs Management Systems (ICUMS) has streamlined Customs Operations and helped increase tax collection at the country’s entry points.”
The GRA also believes that the introduction of downstream petroleum monitoring activities has also contributed to increasing Customs revenue collection.
It also believes that these achievements in 2021 are also due to an improved and positive work attitude by the Management and Staff of the Authority. Their commitment to this performance cannot be understated.
According to the Authority, revenue targets have been consistently reviewed downwards to reflect prevailing economic conditions in recent years.
It is significant to note that in 2021, there was no downward revision in the revenue target during the mid-year review.
- Revenue target exceeded by GH¢265.39Million (i.e., 0.5 per cent).
- Highest Ratio of Tax to GDP of 13.4 per cent recorded in the last five years. • Highest year on year growth of 26.3 per cent recorded. (in the last 10 years).
- Highest Tax Buoyancy (i.e. Efficiency and Responsiveness of Tax Revenue mobilisation to Growth in the Economy) of 1.7 record.
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